Hong Kong Banks Scored Just 2.3 Out of 10 on Quantum Readiness, Here Is the Plan to Fix It

TLDR

The HKMA and HKUST launched a Post-Quantum Cryptography (PQC) Toolkit for banks on November 2.
Hong Kong’s banking sector scored 2.3 out of 10 on the HKMA’s Quantum Preparedness Index in July 2026.
The regulator’s target is a full score of 10 by 2030.
The toolkit helps banks inventory cryptographic assets, set priorities and build timelines with suppliers.
The launch is a preparation step and does not mean quantum computers have broken bank or crypto encryption.

Hong Kong’s banks have a long way to go before they are ready for quantum computing. The city’s banking regulator measured the sector’s readiness at 2.3 out of 10 earlier this year. It now wants that score to reach 10 by 2030.
To help close that gap, the Hong Kong Monetary Authority (HKMA) and the Hong Kong University of Science and Technology (HKUST) launched a Post-Quantum Cryptography (PQC) Toolkit on November 2. The project was developed with support from industry participants.
Where the Readiness Score Stands
The HKMA launched its Quantum Preparedness Index, or QPI, in July 2026. The index measures how prepared the banking sector is for quantum-safe cryptography.
The first QPI score came in at 2.3 out of 10. According to the HKMA, this showed that banks had begun addressing quantum-related developments, but overall readiness for the switch to PQC remains at an early stage.
The regulator’s goal is full quantum readiness, meaning a QPI score of 10, by 2030. The new toolkit is meant to help banks turn awareness into concrete action toward that target.
Banks use cryptography in many places, including certificates, customer logins, links between banks, software updates and stored data. Moving those systems to new standards can take years, because devices, vendors and older applications must keep working together.
The sector also has a reason to start early. As NewsBTC noted, data captured today can remain sensitive long after the original connection has ended.
What the Toolkit Asks Banks to Do
The toolkit sets out a structured framework to guide banks through their PQC transition. It covers four main areas: setting governance and accountability, assessing cryptographic exposure, identifying transition needs and monitoring progress.
It also includes practical tools to help banks get started. These include taking stock of cryptographic assets and dependencies, setting transition priorities, working more closely with suppliers and building realistic timelines.
Arthur Yuen, Deputy Chief Executive of the HKMA, said the index “has established a clear starting point for the sector.” He added that the next step is to help banks turn that understanding “into clear responsibilities, informed priorities and practical plans.”
Yuen said the toolkit gives banks a common foundation they can adapt to their own needs. “Our aim is to make it easier for banks to begin the work and sustain progress throughout the transition,” he said.
Prof. Frederik Anseel, Dean of HKUST Business School, described quantum preparation as “a leadership challenge.” He said banks can build knowledge and capability “even while the timing of the threat remains uncertain.”
The launch is a preparation program. It does not mean that quantum computers have broken banking or cryptocurrency encryption, and NewsBTC reported that no credible reading of the announcement suggests Bitcoin private keys are being routinely cracked by quantum machines.
The toolkit’s results are also an input for planning, not a replacement for independent engineering and formal testing. Different cryptographic methods face different levels of risk, and some newer methods can affect key size, speed or compatibility.
NewsBTC said the next things to watch are whether participating banks publish migration road maps, change how they buy technology and test post-quantum login systems with core platforms. Each of these would be a step toward the 2030 goal.
The HKMA said the toolkit will be updated over time to reflect new technology, international standards and lessons from banks. It is now available in the Fintech Knowledge Hub section of the HKMA website.
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